Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Offsetting Assets

As of June 30, 2022, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount (1)
Assets:
Derivatives designated as hedging instruments	$	70,717	$	(799)	$	69,918	$	1,477,949
Derivatives not designated as hedging instruments	51,730		(1,005)		50,725		687,760
Total derivative assets	$	122,447	$	(1,804)	$	120,643	$	2,165,709
Liabilities:
Derivatives designated as hedging instruments	$	(466)	$	799	$	333	$	38,400
Derivatives not designated as hedging instruments	(3,927)		1,005		(2,922)		443,691
Total derivative liabilities	$	(4,393)	$	1,804	$	(2,589)	$	482,091
Total	$	118,054	$	—	$	118,054	$	2,647,800

(1)    Comprised of 59 interest rate swaps which effectively fix the LIBOR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.57% to 3.21% per annum. These swaps mature from August 31, 2022 to January 31, 2043.

As of December 31, 2021, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount
Assets:
Derivatives designated as hedging instruments	$	17,475	$	(1,815)	$	15,660	$	421,281
Derivatives not designated as hedging instruments	9,198		—		9,198		345,258
Total derivative assets	$	26,673	$	(1,815)	$	24,858	$	766,539
Liabilities:
Derivatives designated as hedging instruments	(54,017)		1,815		(52,202)		1,110,729
Derivatives not designated as hedging instruments	(29,856)		—		(29,856)		621,884
Total derivative liabilities	$	(83,873)	$	1,815	$	(82,058)	$	1,732,613
Total	$	(57,200)	$	—	$	(57,200)	$	2,499,152

Schedule of Offsetting Liabilities

As of June 30, 2022, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount (1)
Assets:
Derivatives designated as hedging instruments	$	70,717	$	(799)	$	69,918	$	1,477,949
Derivatives not designated as hedging instruments	51,730		(1,005)		50,725		687,760
Total derivative assets	$	122,447	$	(1,804)	$	120,643	$	2,165,709
Liabilities:
Derivatives designated as hedging instruments	$	(466)	$	799	$	333	$	38,400
Derivatives not designated as hedging instruments	(3,927)		1,005		(2,922)		443,691
Total derivative liabilities	$	(4,393)	$	1,804	$	(2,589)	$	482,091
Total	$	118,054	$	—	$	118,054	$	2,647,800

(1)    Comprised of 59 interest rate swaps which effectively fix the LIBOR portion of interest rates on outstanding balances of certain loans under the senior and securitized sections of the debt footnote table (see Note 8, Indebtedness) at 0.57% to 3.21% per annum. These swaps mature from August 31, 2022 to January 31, 2043.

As of December 31, 2021, the information related to these offsetting arrangements were as follows (in thousands):

Instrument Description	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Consolidated Balance Sheet		Net Amounts of Assets / Liabilities Included in the Consolidated Balance Sheet		Notional Amount
Assets:
Derivatives designated as hedging instruments	$	17,475	$	(1,815)	$	15,660	$	421,281
Derivatives not designated as hedging instruments	9,198		—		9,198		345,258
Total derivative assets	$	26,673	$	(1,815)	$	24,858	$	766,539
Liabilities:
Derivatives designated as hedging instruments	(54,017)		1,815		(52,202)		1,110,729
Derivatives not designated as hedging instruments	(29,856)		—		(29,856)		621,884
Total derivative liabilities	$	(83,873)	$	1,815	$	(82,058)	$	1,732,613
Total	$	(57,200)	$	—	$	(57,200)	$	2,499,152

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The gains on derivatives designated as cash flow hedges recognized into OCI, before tax effect, consisted of the following (in thousands):

	Three months ended June 30,
	2022		2021
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(47,236)	$	39,239

	Six months ended June 30,
	2022		2021
Derivatives designated as cash flow hedges:
Interest rate swaps	$	(110,764)	$	(25,063)

The losses (gains) on derivatives financial instruments recognized into the consolidated statements of operations, before tax effect, consisted of the following (in thousands):

	Three months ended June 30,
	2022				2021
	Interest expense, net		Other expense, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps
Losses reclassified from AOCI into income	$	3,486	$	—	$	5,311	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income	—		(54,373)		—		12,453
Total losses (gains)	$	3,486	$	(54,373)	$	5,311	$	12,453

	Six months ended June 30,
	2022				2021
	Interest expense, net		Other expense, net		Interest expense, net		Other expense, net
Derivatives designated as cash flow hedges:
Interest rate swaps
Losses reclassified from AOCI into income	$	8,913	$	—	$	9,213	$	—
Derivatives not designated as cash flow hedges:
Interest rate swaps
Gains recognized into income	—		(121,012)		—		(20,162)
Total losses (gains)	$	8,913	$	(121,012)	$	9,213	$	(20,162)